RECEIPT OF INDEPENDENT EXPERT’S REPORTHighlightsFirst...

RECEIPT OF INDEPENDENT EXPERT’S REPORTHighlights

• First Supplementary Target’s Statement released following receipt of IndependentExpert’s Report by KMPG

• KPMG has assessed the Offer as “fair and reasonable to Panoramic Shareholders,in the absence of a superior proposal”

• Assessed value per Panoramic share of $0.459 to $0.521 has only minor overlapwith assessed value of Offer consideration of $0.446 to $0.473 per Panoramicshare

• Independent Expert’s assessed value per Panoramic share utilises forecast nickelprices below broker consensus expectations (as shown in Panoramic Target’sStatement) and attributes zero value for Savannah exploration upside outside ofexisting Mineral Resources

IMO At 30c the stock is massively undervalued. Panoramic, Independence Group and "The Independent Expert" all seem to agree on that!

Sure buy on market under 30 if available. Id say those who were taking up rights would have likely already done so. I did and bought on market today also